May, 2013
We’ve just finished first quarter’s payroll forms (which were due April 30th) and taxes or extensions for individuals. Estimated payments for first quarter 2013 were due for the calendar year. Filing for corporations and individuals was on April 15th.
The calendar (for most*) going forward is:
June 15th Estimated Payments for 2013 Second Quarter Due (Individuals and Corps)
July 15th Quarterly Payroll tax Payments Due
July 31st Payroll Tax Reporting for Second Quarter 2013 Due
September 16th Estimated Payments for 2013 Third Quarter Due (Individuals and Corps)
September 16th Corporation or Partnership returns on extension due
October 15th Individual Returns on Extension Due
October 15th Quarterly Payroll tax Payments Due
October 31st Payroll tax Reporting for Third Quarter 2013 Due
December 15th Estimated Payments for 2013 Fourth Quarter Due (Corps)
January 15th 2014 Quarterly Payroll tax Payments Due
January 15th 2014 Estimated Payments for 2013 Fourth Quarter Due (Individuals)
January 31st 2014 Quarterly and Annual Payroll Tax Reporting Due
January 31st 2014 Annual Payroll Tax Payment Due (FUTA)
January 31st 2014 Forms 1099-Misc Due to Contractors (Unless you paid by credit card).
*This calendar generally applies to calendar year tax return filers, and corporations that file and pay payroll quarterly. Give me a call if you’re confused by this; due dates are actually complicated and I’m just trying to provide a list for MOST of my clients. I do not guarantee this list applies to you and your company specifically.
The most common issue I’ve run into this season was the S Corporation medical insurance issue for a greater than 2% shareholder.
I did write about this in October 2012’s newsletter (see this here: http://taxbuddha.com/newsletter/newsletter_2012_10.html)
If you’re the owner of an S corp and you want to deduct your medical insurance in the “most beneficial” way, the medical insurance payments need to appear on your W-2.
For more detailed information, see IRS Notice 2008-1 or
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues
QuickBooks does a good job of recording and reporting this, if you’re using QuickBooks for you payroll. The setup is a two-part process, first setting up the payroll item in the payroll item list, then adding the item to the payroll records of the owners who are receiving wages from the corp. Once set up, you’ll need to include the item in the paycheck (which will happen automatically). This will then show up on the year end W-2 form properly.
If I’m preparing your payroll, make sure I know how much medical insurance the corp is paying for each quarter.
Classes – Official IRS Education Provider, New On Line Catalog, Basic Payroll, Schedule C
Here’s a link to the seminars page on my website: www.taxbuddha.com/seminars.html
I’m an official Education Provider. You can find my name (Tax Buddha) listed at the IRS website: https://ssl.kinsail.com/partners/irs/publicListing.asp where you’ll see I’m qualified to provide federal tax update and federal tax classes for EA’s and RTRP’s. (I just knew I should have used the name AAAAA Tax Buddha!)
Basic Payroll
In conjunction with the IRS and EDD, I’m going to be doing some Basic
Payroll seminars coming up in the near future.
Basic Payroll Seminar runs 9 am 3 pm with an hour for lunch
The next seminar will be:
San Francisco at the SBA office 455 Market Street, 6th floor
(I take BART to Embarcadero or Montgomery Street)
Wednesday, May 8, 9:00 am – 3:00 pm
Tuesday, June 4, 9:00 am – 3:00 pm
Register by going to http://www.edd.ca.gov/Payroll_Tax_Seminars/ and find your favorite location.
These seminars have proven to be very popular for business owners and bookkeepers, plus they’re free.
How to Prepare your Own Schedule C
Get ready for next year and filing your own Schedule C for last year. Review what the IRS wants to know from you and how to report it for your business. This is a class for business owners who need a basic understanding of their 1040 Schedule C tax forms. We’ll also talk about what to do with the numbers once you have them. We can’t guarantee you won’t get audited, but this class will make it less likely.
I will be at the US SBA office in San Francisco at 455 Market Street, 6th Floor.
Tuesday, July 16, 6:00 pm – 8:30 pm
Tuesday, October 8, 6:00 pm – 8:30 pm
The Eightfold Path to Pay Less Tax and Avoid an Audit
Eight basic things business owners want to know printed in a booklet in “executive summary” form. This is ten years of working with the IRS Tax Code distilled down so it doesn’t take YOU ten years.
Just another way we’re trying to simplify your life. And the purchase is tax deductible!
You can order from Amazon.com. Here’s the link to Amazon: http://www.amazon.com/Eightfold-Path-Less-Avoid-Audit/dp/0615233422/ref=sr_1_22?ie=UTF8&s=books&qid=1226611038&sr=1-22
The booklet also contains sections on how returns are selected for audit,
when to seek professional help, and how long to keep your tax records.
Little Box of Inc: Incorporations Made Easy published on Kindle
The book with tips about how the S Corporation works is now published to Amazon’s Kindle, updated with additional information about S Corporations, and can be found by searching for Andrew S Rogers as author, and click on “Kindle.” Here’s the blurb:
Considering incorporating as an S Corporation? This booklet will help you understand how the S Corporation works, what you need to do to become incorporated and what you need to do once you have a corporation to stay out of trouble. The structure and the requirements are reviewed, as well as helpful tips to use your corporation to reduce your tax liability and retain your status as an S Corporation. I’ve worked with S Corporations for many years, and as a tax preparer, I can choose the kind of entity I have for my business: I choose the S Corporation myself, and I’ve convinced many of my fellow tax preparers to incorporate as well. I’ve divided the information into clear, easy-to-understand topics, and cross-referenced sections when it might be helpful.
After you’ve read this material, you can view on-line videos via YouTube.com for free to access more advanced information about S Corporations. You may also be interested in my “Choice of Entity” class – see below.
Want to be the first person in your tax bracket to sport the fabulous Tax
Buddha Messenger Bag? I’ve now got a “shop” on Café Press
at www.cafepress.com/TaxBuddha in
case you’d like to order your own
Tax Buddha logo items. The messenger bag came out particularly well, not
quite “saffron,” but easy to find in an airport.
Our northern California occasional in Alameda:
1516 Oak Street, Suite 109
Alameda CA 94501
Phone numbers are:
Phone (510) 332-0401
Fax (925) 478-2726
“You too can be enlightened about tax” — Tax Buddha